Key Takeaways
- X-energy (XE) stock declined approximately 32% from October 6 to November 6, closing at $10.43 as investors pulled back from speculative nuclear energy stocks.
- Oklo (OKLO) fell approximately 39%, while NuScale Power (SMR) declined 37%, highlighting widespread selling pressure across advanced nuclear developers.
- X-energy advanced its Amazon-backed reactor projects and completed a major regulatory safety review, but second-quarter operating cash outflow reached $97.3 million.
- X-energy appears potentially undervalued relative to its historical sales multiple, although construction costs, financing requirements, and execution risks remain significant.
What Happened?
X-energy (XE) stock dropped approximately 32% from October 6 to November 6, closing at $10.43 despite encouraging progress on its nuclear reactor development projects.
The weakness extended across the sector, with Oklo (OKLO) falling approximately 39% and NuScale Power (SMR) declining 37% during the same period. Both companies are developing advanced nuclear technologies, making their declines relevant comparisons for X-energy investors.
Nuclear stocks initially rallied after Constellation Energy announced a 20-year agreement with Google on October 6 involving 890 megawatts of additional nuclear capacity. However, enthusiasm faded as investors reassessed the costs and timelines associated with commercializing advanced reactors.
On October 14, Morgan Stanley lowered its X-energy price target from $41 to $34 while maintaining its Overweight rating.
During the October 14 episode of Mad Money, CNBC’s Jim Cramer expressed concern about X-energy’s losses, saying, “No, it’s losing too much money.“
His remarks reflected a broader challenge for nuclear developers: substantial investment is required before projects can generate meaningful commercial returns.
Despite the selloff, X-energy continued advancing its commercial pipeline.
On October 19, the company announced a joint development agreement with American Electric Power to evaluate a 12-reactor, 960-megawatt nuclear facility in Indiana, with Amazon supporting development and intending to purchase electricity if the project moves forward.
On October 30, the Nuclear Regulatory Commission completed its safety review for the proposed Long Mott facility in Texas.
The review marked an important regulatory milestone, although X-energy still needs construction permit approval before the proposed reactor facility can proceed.
X-energy also announced its first steam-generator components order on November 4 and Fluor’s involvement in engineering work for Energy Northwest’s Cascade project on November 5.
The Fluor announcement preceded a nearly 16% rebound in X-energy shares on November 6, highlighting the stock’s sensitivity to project-related developments.
Is X-energy Stock Undervalued or Overvalued?
X-energy appears potentially undervalued relative to its historical sales multiple, but rising cash consumption and execution risks make it a speculative investment.
According to TIKR’s financial data, X-energy recorded approximately $110 million in 2025 revenue and related income, while Wall Street estimates the figure could reach $1.40 billion by 2029. However, achieving these forecasts depends heavily on successful project execution, regulatory approvals, and commercialization.
X-energy traded at approximately 4.7 times forward sales on November 6, compared with an average near 12 times and a peak around 37 times in TIKR’s available valuation history following its April 2026 listing.
However, its lower valuation does not eliminate financial risks. According to X-energy’s second-quarter results, operating cash outflow increased to $97.3 million from $20 million a year earlier.
Cash and short-term investments totaled approximately $764 million at the end of 2025, while cash and investments, including long-term investments, reached approximately $1.9 billion as of June 30, 2026, providing a substantial financial cushion.
Wall Street remains divided, with Morgan Stanley maintaining a $34 price target, UBS lowering its target to $18, and Piper Sandler maintaining an Underweight rating with an $8 target.
Looking ahead, X-energy’s November 12 earnings report could provide greater clarity on cash consumption, regulatory progress, and the timing of its development projects.
For patient investors comfortable with substantial volatility, X-energy’s lower valuation and strong cash position could support a small speculative position. However, growing expenditures, uncertain construction timelines, and potential dilution suggest investors seeking predictable earnings may prefer to wait for clearer evidence of commercial progress.
So what is X-energy stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
